Courier Mail
Thursday 20/3/2008 Page: 26
QUEENSLAND has nearly $1.6 billion invested in the nuclear and fossil fuel industries but just $33 million in renewables. The Federal Government is just as bad, with the booming coal industry receiving a taxpayer-funded $300 million annual discount on diesel fuel. A report by economist Alan Lazarus released yesterday shows that although the State Government campaigns on cutting greenhouse gases and adopting renewable energy sources, it mostly invests in fossil fuel and uranium mining through the Queensland Investment Corporation.
Queensland and other states and territories invested nearly 50 times as much in fossil fuel and uranium as they did in renewable energy. The report for the Australian Conservation Foundation shows many large government-run funds make investment decisions that directly conflict with stated ambitions to reduce emissions and tackle climate change. The QIC, which operates under the Treasury Department, manages about $70 billion for a range of organisations.
ACF executive director Don Henry said most people would be shocked to find the State Government invested $47 in fossil fuels and uranium for every dollar in renewable energy. "Rather than invest this public money in companies building new coal-fired power stations and mining uranium, it should be invested in companies developing renewable energy and finding innovative ways to use energy efficiently," Mr Henry said.
"Through their investment decision these big pools of government capital have significant impacts on the health of our environment and society." A spokesman for Sustainability Minister Andrew McNamara said the QIC made investments based on the best commercial return. The Government's ClimateSmart 2050 report included $300 million in state funds and $60() million from coal companies for research into clean coal technology and another $100 million was invested in renewable energy and energy efficiency research.
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